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How much is the principal of obadiah company

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Reference no: EM132912626

Problem 1: Tony Stark Corporation has a note receivable from officer dated January 1, 2020. It earns interest at 10% per annum. Interest is collected every January 1, while the principal is due on January 1, 2022. At December 31, 2020, the accountant recorded Interest Receivable of P80,000. How much is the principal of Obadiah Company's NR-officer at December 31, 2020?

a. P80,000

b. P800,000

c. P8,000,000

d. Cannot be determined without additional information.

Problem 2: Which of the following is the correct adjusting entry when the ending inventory of the current year is overstated?

a. Dr. Inventory Cr. Cost of goods sold

b. Dr. Cost of goods sold Cr. Inventory

c. Dr. Retained earnings Cr. Inventory

d. Dr. Inventory Cr. Retained earnings

Reference no: EM132912626

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